608: Harvard Professor and former CEO of Medtronic, Bill George, on How Leaders Should Manage Challenging Times

Bill George, former CEO of Medtronic and Harvard Business School Executive Fellow, explains how leaders can stay grounded, principled, and effective in chaotic times.

"It's a world of chaos and it requires a very different kind of leader than in more stable times." The skills that once mattered (process control, long-term plans) are now secondary to courage, self-awareness, and moral clarity.

George says most executives still lead comfortably "inside the walls" but fear the external world (media, public scrutiny, and rapid change). "Today, if you're a leader, you are a public figure. You have to face that reality."

Leadership now starts with knowing your True North, your values and principles. "When everything's going your way, you start to think you're better than you are. When you lose, you learn your weaknesses."

He warns: "The people who will struggle are those faking it to make it. They're trying to impress the outside world but aren't grounded inside."

Purpose, not position, defines identity. "A CEO once said, 'Without a title, I'm nothing.' You won't hold that title forever. Who are you then?"

True fulfillment comes from alignment between personal purpose and work. "Every business has a deep sense of purpose if it's well run. The ones that only make money, like GE, go away."

He lists five traits of leaders who thrive in crisis:

• Face reality.
• Stay true to values.
• Adapt strategies fast.
• Engage your team.
• Go on offense when others retreat.

Each requires courage. "You can't teach courage in a classroom. It has to come from within."

He urges humility: "Leadership is all about relationships, it's a two-way street." His turning point came when he stopped "building a résumé" and started building people.

He defines authentic leadership as growth through feedback: "I never walk into a classroom unless I'm going to learn from everyone there."

And he closes with the core message: "You don't have to be CEO. If you can do great work and help others, you'll feel fulfilled. Leaders make the difference between success and failure."

 

Key Insights (Verbatim Quotes)

1. Chaos demands a new kind of leader.

"It's a world of chaos and it requires a very different kind of leader than in more stable times."

2. Authenticity starts with grounding.

"Our true north is our principles, our beliefs, and our values all rolled into one."

3. Titles are temporary.

"I am not the CEO of Best Buy. …That's the title I hold. I won't hold that forever."

4. Courage separates real leaders.

"You can't teach courage in a classroom. It has to come from within."

5. Purpose drives resilience.

"Every business has a deep sense of purpose if it's well run."

6. Leadership is relational.

"I was building a résumé, not relationships. Leadership is all about relationships."

7. Fear destroys authenticity.

"A lot of people are living in fear. That's no way to live your life."

8. Great leaders empower others.

"You want everyone on your team to be better than you are at what they do."

9. Growth never ends.

"Anyone who's authentic knows they have to continue to grow as a human being."

10. True success is internal.

"You'll never have enough power, fame, or money. You find fulfillment within."

 

Action Items

• "Face reality, starting with yourself." Look in the mirror and ask, "Maybe I'm creating this negative culture. What did I do wrong?"

• "Stay true to your purpose and your values." Never abandon principles when pressure rises.

• "Adapt your strategies and tactics." What worked yesterday may not work today.

• "Get your team involved." Say, "Hey guys, we've got a real problem. What ideas do you have to keep it going?"

• "Go on offense when everyone else is pulling back." Make bold moves when others retreat.